One Centennial Plaza in Piscataway — Courtesy: Colliers International
By Joshua Burd
A private equity group has sold a Piscataway office complex for nearly $24 million, more than doubling the price it paid to acquire the property in 2016.
Brokers with Colliers International announced the sale of One Centennial Plaza, a three-story, 245,000-square-foot complex just off Interstate 287. An undisclosed buyer paid $23.5 million for the building.
“One Centennial Plaza is a best-in-class office property that’s unmatched in the submarket and is located in one of New Jersey’s most conveniently-situated markets,” said Jacklene Chesler, an executive managing director with Colliers, who led the team representing the seller. “Not to mention the fact that it is anchored by tenants including Johnson & Johnson, Paychex and Ingersoll Rand, which made it a very attractive investment opportunity.
“Our team has been fortunate recently to call on our deep knowledge of the New Jersey landscape to help navigate our new reality and we’re pleased that we were able to close this off-market deal on behalf of our client.”
The seller paid $11 million to acquire One Centennial in 2016. Chesler, whose team also brokered the previous sale, completed the most recent assignment alongside Matthew Brown, Patrick Norris and Frank Summers.
The team noted that One Centennial is made up of two office buildings and features a three-story glass enclosed atrium, on-site property management, roving security, a full-service cafeteria and a newly renovated conference room. It is one of just three Class A office buildings in the area.
Colliers also highlighted the site’s access to the New Jersey Turnpike, the Garden State Parkway, Interstate 78 and Routes 1 and 9.
“Despite the tight timeline and complexity of the transaction, this closing was barely impacted by the lockdown or stay at home orders, since it was conducted as an escrow closing via the overnight mailing and emailing of documents and wiring of funds, all pursuant to a previously agreed upon Escrow Closing Instruction Letter Agreement between Seller, Purchaser and the Title Company,” said Jason L. Sobel, an attorney at Sills Cummis & Gross, who also represented the seller. “Since this is how we handle many of our closings, regardless of the issues relating to the pandemic, this was second nature to our transactional group and it pretty much went off without a hitch. It was a very well organized process where we worked closely with the broker, Chesler, in order to bring this to completion.”
